Oil firms to cut gas, diesel prices Tuesday

MANILA (PNA) -– Local oil firms will rollback gas prices by PhP0.35 centavos per liter and diesel prices by PhP0.50 centavos per liter on Tuesday, while one independent player already reduced prices on Monday evening.Shell and Petron will reduce their prices at 12:01 a.m., while Phoenix Petroleum will cut its prices at 6 a.m.Meanwhile, Eastern Petroleum has already cut its gasoline and diesel prices at 6 p.m. on Monday.PSPC and Petron kerosene products will also go down by PhP0.35 centavos per liter.Eastern Petroleum chairman and chief executive officer explained the price cut was brought by the weak closing of the oil markets last week. Oil prices were relatively at low levels at the close of last week’s trading amid Kuwait’s -– a member of the Organization of Petroleum Exporting Countries (OPEC) -– pronouncement that it would take time for the market to balance, as oil producers defend market share over output cuts to bolster prices,” he said in a statement.According to the Department of Energy’s (DOE’s) oil price monitor, diesel is currently sold from PhP25-28.40 per liter, while having a common price of PhP25.90 per liter.Gasoline was also sold from PhP36.10 to PhP43.55 per liter. It has a common price of PhP42.10 per liter. (PNA)